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Truist completes merger; SEC rejects NYSE's direct listing plan

Editor's note: Today's edition of The Daily Dose was published late due to technical issues. We apologize for the inconvenience.

BB&T Corp. and SunTrust Banks Inc. have completed their merger of equals

to officially become Truist Financial Corp. The new entity is headquartered in Charlotte, N.C., and will trade on the New York Stock Exchange with the ticker symbol TFC. Both BB&T and SunTrust said no merger-related changes will take place to deposit accounts or routing numbers for most of their clients as the merger parties work for a smooth transition.

Banks' growing reliance on cloud infrastructure provided by third parties could result in new financial stability risks

, the Financial Stability Board said in a Dec. 9 report. Calling regulators' attention, the international regulatory body said big technology firms' presence in finance could threaten the viability of the traditional financial institution business model.

The U.S. Securities and Exchange Commission has rejected plans from the New York Stock Exchange to broaden the universe of companies able to use a direct listing

on its exchange. NYSE had hoped to make the direct listing mechanism available to a wider array of companies through a series of rule proposals it floated in late November. However, the SEC appears to have questions about those changes.

The U.S. Federal Reserve's multibillion-dollar intervention in the U.S. repo market

in September was an event of long-term significance, showing the effect of central banks' postcrisis actions and the growing influence of non-banks such as hedge funds, the Bank for International Settlements said in a quarterly review published Dec. 8. The Financial Stability Oversight Council, which is made up of the heads of U.S. financial regulators, has called for a review into the Fed's intervention to assess the implications for financial stability.

With as little as $5,000, people will be able to get digital wealth management services

from Goldman Sachs Group Inc. in 2020, the Financial Timesreports. United Capital, which Goldman Sachs acquired in May, was on track to launch a roboadviser in 2020, United Capital founder Joe Duran told the news outlet. The acquired company, however, has not yet finalized the minimum investment amount.

in 2020, while equity supply is unlikely to keep pace, Bloomberg News reports, citing the bank's strategists led by Nikolaos Panigirtzoglou. Equity demand next year is expected to rise year on year by $215 billion, and supply is expected to contract by $195 billion globally.

IFS Securities is closing down

after incurring a $10 million trading loss earlier this year, InvestmentNews reports.

California de novo aims to be state's 1st Native American bank in years: Temecula, Calif.-based Legacy Bank filed its de novo application with the Federal Deposit Insurance Corp. on Oct. 31. According to the application, the bank is being organized by the Soboba Band of Luiseño Indians in Riverside County, California. The bank plans to be a minority-designated Native American financial institution.

Car loan penetration stalling at US credit unions: After years of steady increases, auto loan penetration at U.S. credit unions almost stalled out in the third quarter, but credit card uptake continued to rise.